11 banks floats credit bureau company

Odidison Omankhanlen, Lagos - 15.04.2009

TO enhance access to credit in the finan- cial sector, 11 banks, in conjunction with a foreign firm, Dun and Bradstreet (D&B), has floated a credit bureau company, Credit Reference Company Limited (CRC).

The banks inlude Access Bank Plc, Bank PHB, Diamond Bank, First Bank of Nigeria Plc, First City Monument Bank (FCMB) and Guaranty Trust Bank.

Others are Intercontinental Bank, Stanbic IBTC Bank, Standard Chartered Bank Union Bank of Nigeria and United Bank for Africa (UBA).

Addressing newsmen in Lagos on Tuesday, the Managing Director/Chief Executive Officer of CRC, Mr. ‘Tunde Popoola, said the company, which was to take-off in June, had received approval-in-principle from the Central Bank of Nigeria (CBN).

Popoola said the objective of establishing the company was to generate and supply its members, credit information reports on borrowers in the commercial and consumer segments, adding that, it would be a third-party service provider for a closed user group of its members.

Popoola said the company was set to leverage on the technical competences of its partners which included D&B and Accenture and International Finance Corporation (IFC), adding that it had also enhanced its technological and managerial expertise and infrastructure.